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The tax implications of employer-provided life insurance

By |2020-08-05T18:49:52+00:00August 5th, 2020|Latest News|

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything

Thoughtful onboarding is more important than ever

By |2020-08-05T18:47:01+00:00August 5th, 2020|Latest News|

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial opportunity Onboarding refers to “[a formal]

Strengthen your supply chain with constant risk awareness

By |2020-08-05T18:44:51+00:00August 5th, 2020|Latest News|

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic

Are scholarships tax-free or taxable?

By |2020-07-28T16:02:55+00:00July 28th, 2020|Latest News|

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications.

Reopening concepts: What business owners should consider

By |2020-07-27T16:47:16+00:00July 27th, 2020|Latest News|

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day

Take advantage of a “stepped-up basis” when you inherit property

By |2020-07-21T14:37:34+00:00July 21st, 2020|Latest News|

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

Conduct a “paycheck checkup” to make sure your withholding is adequate

By |2020-07-21T14:34:24+00:00July 21st, 2020|Latest News|

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free

Does your business have a unique selling proposition?

By |2020-07-21T14:31:52+00:00July 21st, 2020|Latest News|

Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should

After you file your tax return: 3 issues to consider

By |2020-07-08T22:50:47+00:00July 8th, 2020|Latest News|

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown

6 key IT questions to ask in the new normal

By |2020-07-08T22:48:30+00:00July 8th, 2020|Latest News|

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d hoped. Some may have lost